Hey Brit Transport Police, your tech supplier has changed ownership
MTI Europe swaps one private equity parent for another
MTI Europe, a tech supplier to the British Transport Police, has swapped one private equity owner for another with Endless LLP slurping the Surrey-based business for an undisclosed fee.
The seller of cloudy infrastructures, storage and security services is one of EMC's largest trade customers in the UK. It also has operations in Germany and France. Group turnover is in the region of £70m.
Keith Clark, CEO at MTI, said in a prepared statement that the new parent will stump up some cash for "further acquisitions over the coming months" but didn't reveal any hints on areas of potential expansion.
The investment director at Endless, Ed Ransome (lovely name for a private equity man), said Brexit had "brought uncertainty to investors and owners of UK companies" but "we continue to pursue overlooked assets which possess underlying, latent value".
In addition to the transport fuzz, MTI's client list includes Virgin Trains East Coast, Sony, bet365, Next, the Scottish Government, The Salvation Army, Pret, Toyota and The Co-op.
Endless is not new to the tech sector. It sold several tech companies in its funds last year including Microsoft enterprise licensing house Trustmarque to Capita for £57m and Liberata to OUTSOURCING for £43m.
Other existing investments in the portfolio include maker of ambient cakes Bright Blue Foods, Bathstore, and aerosol and chemical manufacturer James Briggs. ®